When NIFTY breakouts in a overall bear market setup, it seems to sustain for another 2.8% before falling back.
Nifty needs to allowed to move to 17800 (acc to OI Data as well confirmed, before allowing to fall back to 17400)
This doesnt look like a permanent breakout as we can see overall at yearly level it is falling back to lower lows and lower highs.
Why overall still a bear market?
Earning - Banks set to post record number, major component of nifty - Good
PE - has come to manageable levels - Neutral
USD - Stabilizing - Neutral
Oil - Still above 90$ - Bad
Fed Rates - Trouble Ahead 7 rate hikes - RBI rate increase also incoming - Bad
War ongoing - Bad
Global markets jitterish, china covid, lockdown shenzhen port - Bad
Nifty needs to allowed to move to 17800 (acc to OI Data as well confirmed, before allowing to fall back to 17400)
This doesnt look like a permanent breakout as we can see overall at yearly level it is falling back to lower lows and lower highs.
Why overall still a bear market?
Earning - Banks set to post record number, major component of nifty - Good
PE - has come to manageable levels - Neutral
USD - Stabilizing - Neutral
Oil - Still above 90$ - Bad
Fed Rates - Trouble Ahead 7 rate hikes - RBI rate increase also incoming - Bad
War ongoing - Bad
Global markets jitterish, china covid, lockdown shenzhen port - Bad